Knowledge Atlas (02513) saw its shares rise more than 9% during the trading session, reaching a high of HK$1,078 and setting a new record high since its listing. As of the time of writing, the stock was up 3.96%, trading at HK$1,025, with a turnover of HK$879 million.
The company experienced both volume and price increases in the first quarter of 2026, marking an entry into a phase of explosive business growth. Its consumer-facing products, leveraging the performance advantages of the flagship GLM model, have garnered strong user recognition and a high willingness to pay. According to the company's latest disclosures, while the API prices increased by 83% in the first quarter of 2026, paid token usage grew fourfold. This simultaneous rise in volume and price has led to a significant acceleration in revenue growth.
Additionally, the company's open-source model, GLM-5.1, has reached parity with top-tier international models, with its pricing aligning with overseas counterparts for the first time.
A recent UBS research report initiated coverage on the mainland's large model developer Knowledge Atlas, assigning a "Buy" rating with a target price of HK$1,160. The report highlighted Knowledge Atlas's strong track record in enhancing model intelligence, particularly in coding capabilities. It noted that as corporate AI demand reached a tipping point in early 2026, this could lead to a breakthrough in commercialization, with a strategy similar to that of US AI company Anthropic.
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